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BRIGADE CAPITAL MANAGEMENT, LP

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13F filer, CIK 1421306, NEW YORK, NY

BRIGADE CAPITAL MANAGEMENT, LP reported $435,801,809 across 15 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 98.16% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000919574-25-004815

Period
2025-06-30
Reported value
$436M
Holdings
15
Top 10 weight
98.16%
New
3
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
LUMNnew+2,900,000$12.7M
LNTHnew+143,145$11.7M
FWRDnew+220,850$5.42M
DHCadded+681,643$2.44M
ECVTadded+150,000$1.23M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
FORWARD AIR CORPexited-166,000-$3.33M
NBRreduced-25,394-$712K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0000919574-25-004815, largest first. % of portfolio is the value over $87,107,809, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
NBRNABORS INDUSTRIES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 904,035 shares; 2025Q2: 878,641 shares 878,641$24.6M28.27%-25,394Timeline
LUMNLUMEN TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,900,000 shares 2,900,000$12.7M14.58%newTimeline
LNTHLANTHEUS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 143,145 shares 143,145$11.7M13.45%newTimeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,120 shares; 2024Q4: 78,386 shares; 2025Q1: 78,386 shares; 2025Q2: 78,386 shares 78,386$9.17M10.52%0Timeline
ECVTECOVYST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,427,000 shares; 2024Q4: 518,500 shares; 2025Q1: 667,255 shares; 2025Q2: 817,255 shares 817,255$6.73M7.72%+150,000Timeline
FWRDFORWARD AIR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 220,850 shares 220,850$5.42M6.22%newTimeline
DHCDIVERSIFIED HEALTHCARE TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 400,000 shares; 2025Q1: 400,000 shares; 2025Q2: 1,081,643 shares 1,081,643$3.87M4.45%+681,643Timeline
SVCSERVICE PPTYS TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 910,000 shares; 2025Q2: 1,075,000 shares 1,075,000$2.57M2.95%+165,000Timeline
FOAFINANCE OF AMERICA COMPANQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 57,000 shares; 2025Q1: 57,000 shares; 2025Q2: 57,000 shares 57,000$1.32M1.52%0Timeline
BBGIBEASLEY BROADCAST GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 136,455 shares; 2025Q1: 136,455 shares; 2025Q2: 136,455 shares 136,455$477K0.55%0Timeline
EXPAND ENERGY CORPORATIONEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,398 shares; 2025Q1: 2,398 shares; 2025Q2: 2,398 shares 2,398$259K0.3%0

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
LQDISHARES TR SHSput2,000,000$219M+200,000
IWMISHARES TR SHScall600,000$129M+150,000

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLC DEB 3.750% 2/1principal79,114,000$7.38M0
LIBERTY INTERACTIVE LLCLIBERTY INTERACTIVE LLC DEB 4.000%11/1principal8,624,000$864K0

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
IWMISHARES TR1,175,000$234Mput
HYGISHARES TR2,500,000$197Mput
FORWARD AIR CORPFORWARD AIR CORP166,000$3.33Mshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000919574-25-004815 base2025-08-14acceptance time not in the bulk data set